Estate planning, writing a Will, passing on property whenever you die – these could be a minefield of unintended consequences, particularly if you do not see a lawyer. In this article, let’s explore but just a few examples of the various things that may go wrong.

One widespread mistake is putting property into joint names with an adult child so that it automatically passes to the child if you die and “saves” you attorney fees. This idea has many pitfalls. If the child dies before you, you’re back to sq. one. Maybe not a problem when you have time to fix that, however what for those who’re in an accident collectively and you by no means get a chance to alter things? Or what if you happen to just never get round to it? Now your heirs will must probate your assets, which will price them far more than it would have price for you to see an estate planning attorney.

Creditors are also a consideration. Did you know that your child’s creditors might use your property to collect on the child’s money owed? If your child is on title, the child is an owner. Creditors can lien real estate for collection of a judgment. They’ll garnish bank accounts. When that happens, it’s as much as you to attempt to undo it. Proving something is really all yours, recovering funds, releasing a frozen bank account, or removing a lien could be very difficult and does not always work. It usually requires assist from a lawyer – costing more than you’d have spent on an estate planning attorney.

One other standard idea is to go away everything to one adult child because that child “knows what you need to do with it” and will divvy things up once you pass on. This can take many forms, including joint title, naming just the one child in a self-made Will, or just telling that child what you need without discussing it with anybody else or taking any formal steps. What could presumably go incorrect? Plenty! For one thing, as with the prior example, the child might die earlier than you or at the same time as you. You are additionally placing your child in a tough position if there may be any dissension at all between your children. You might not think that your little darlings would behave that way, however money and grief do strange things to folks – tempers flare, siblings do not get alongside, and sometimes the child who was speculated to divide the property decides to keep everything instead. Stories of feuding among children abound, in the end costing costly legal fees and leaving behind broken relationships. Even when you’re sure this won’t happen to you (well-known final words), consider the other extreme: Will your child really feel so guilt-ridden or self-effacing that your child provides everything to the siblings and keeps nothing?

Writing your own Will or Trust also can spell trouble. For those who fail to comply with required formalities, the document will be invalid. If there may be anything ambiguous in what you wrote, a court will decide what you meant. That is expensive and like rolling a dice. If you think it’s straightforward to be clear, think again. Take the case of the man whose Will directed that his daughter receive a large monetary gift if she survived him by 30 days, and that his second wife obtain everything else. Daughter died on day 28. Who gets her share? The Will said wife gets everything “else.” The Will didn’t say what to do if daughter did not survive. Does the second spouse get it or does it go to the person’s children from his prior marriage? The place do you think those children think it should go? A court will probably need to get entangled and this is going to cost a whole lot more than having a lawyer write the Will!

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